A Bitcoin faucet is a site that gives its users free Bitcoins for some small tasks to complete. The original Bitcoin faucet was operated by Gavin Anderson, Bitcoin Foundation’s chief scientist. It started out around late 2010 and it gave visitors five Bitcoins (yes….five whole Bitcoins) for free. Of course back at the time Bitcoin was worth something like $0.08.
The general idea of today’s faucets is this:
- They drive massive amounts of traffic to the site by promising free Bitcoins.
- They place a disturbing amount of ads on their website.
- They hand out insignificant amount of Bitcoins so they won’t have to pay you because they know you won’t be able to withdraw the coins. There’s usually a minimal amount you need to reach in order to withdraw.
- They keep you on the page for a certain amount of time – probably so you’ll click on of the ads and that the website will rank better on Google.
- They make you keep coming back by promising you more Bitcoins within the hour.
Bitcoin Faucets are pretty spammy sort of businesses and you can see examples of the most successful faucets today here and here. This sort of business requires huge amounts of traffic to be profitable but also attracts a lot of “junk” traffic from around the web - since it’s mainly people looking to earn free money.
If you think you can make a lot of money just by visiting some frivolous websites, then you’re probably wrong. In bitcoin faucets, all you are doing is wandering from one website to another trying to make some easy money. But the truth is, even after hours of hard work, you’d hardly be able make a few bucks.
So to sum up; bitcoin faucets might be useful sometimes but they’re definitely not for the lazy ones. You have to be very active if you want to reap the real benefits of bitcoin faucets and otherwise, it’s just another waste of time. However; Bitcoin can be somewhat profitable to the owners, but rarely and even then they will only make a few dollars per day. They obviously make their money by having tons of ads on their site
THE FACT: The only people making money off a bitcoin faucet are the people running the faucet. You would have to make this a full time job to even hit any sort of tangible profit or even withdraw.
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